Lancashire Fund Information

Admission Bodies in the Lancashire County Pension Fund

Actuarial Valuation

An actuarial valuation of the Fund is carried out every three years and recommends the level of contributions for the following three years. The actuarial valuation determines the size the Fund's expected pension liabilities and to what extent they are covered by its anticipated asset base. The actuary uses this information to recommend the contribution levels applicable for the next three year period:

Lancashire County Pension Fund Governance

Lancashire County Pension Fund is a local authority pension scheme. Contributions to the Fund come in via deduction from members' salaries and directly from employers. The payment of benefits paid from the Fund is managed by the Lancashire Pensions Service with benefits payable based on members' pay and the number of years of membership of the Fund

The Fund's accumulated contributions are invested and used to pay the benefits. These investments are managed the Pension Fund Committee. Pension Funds are the subject of strict reporting and governance rules. The annual report and the governance statements required by law are described briefly on this page with links through to the latest published documents.

Other Policies

Fund Reports

The Fund's Annual report gives you the latest published audited accounts and investment performance of the Fund. The Administration report can also be found below.

PLEASE NOTE that the audit opinion within the document above is DRAFT.  Due to capacity issues within the Fund's external auditor, Grant Thornton,  the audit of the administering authority, Lancashire County Council, is not complete and for this reason the final audit opinion cannot be issued.  The Fund expects to receive an unqualified audit report on the accounts of the Fund and a consistent opinion for the annual report.  The annual report of the Fund will be republished when the opinion is available.

Governance Policy Statement

The Fund's Governance Policy Statement sets out the remit and constitution of the Pension Fund Committee, the Investment Panel and the Administration and Appointments sub-committees:

The Fund is administered by Lancashire County Council, which has a duty to ensure that business is conducted in accordance with the law and proper standards, and that public money is safeguarded and properly accounted for, and used economically, efficiently and effectively. These duties apply equally to its administration of the Fund, so Lancashire County Pension Fund Governance Policy Statement is available below:

Funding Strategy Statement

The Fund's Funding Strategy Statement is a statement explaining how the Pension Committee intends to meet the Fund's pension liabilities in the longer term. It provides details of how liabilities are calculated and the Fund's investment and contributions strategies for meeting those liabilities:

Investment Strategy Statement

Responsible Investment Policy

Communication Policy

The Fund has a communication policy which sets out the ways that it will communicate with its members and their representatives, prospective members and employers:

Annual Members Meeting 2018

Pension Administration Strategy Statement

UK Stewardship Code compliance

The Fund is fully committed to responsible investment. We believe there is a considerable body of evidence that well governed companies produce better and more sustainable returns than poorly governed companies. This document summarises our compliance with the UK Stewardship code.

Reform of the Local Government Pension Scheme

The Government has been consulting on reform of the Local Government Pension Scheme, in particular the Investment Regulations and seeking proposals from funds to pool their investment assets. The responses made by the Lancashire County Pension Fund on these issues are available to download below: